EURUSD – 1.1280 Proving Crucial For Euro To Dollar
|Key Highlights
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The Euro failed once again to settle above the 1.1280-90 resistance area against the US Dollar.
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The EUR/USD pair declined this past week, but managed to hold the 1.1130-20 support.
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Today, the Euro Zone Construction Output for April 2017 will be released by the Eurostat, which is forecasted to decline by 0.1% (MoM).
EURUSD Technical Analysis
The Euro traded towards 1.1290 against the US Dollar recently, but failed to break it once again. However, the EURUSD pair remains supported on the downside above 1.1100.
The recent low was near 1.1130 from where a recovery started. The pair is moving nicely and may once again make an attempt to surpass 1.1300.
Having said that, it won’t be easy for buyers to overtake sellers above 1.1300. If they succeed, it could open the doors for further gains may be towards 1.1500.
On the upside, an initial hurdle is near the 50% Fib retracement level of the last decline from the 1.1295 high to 1.1130 low. A break above it may push the pair towards 1.1280.
On the downside, the most important support is at 1.1120, followed by the 200 simple moving average (4-hour) at 1.1110.
Interested in EURUSD technicals? Check out the key levels
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